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Messe Frankfurt India plans to
launch Medical Device Innovation Summit as large format event in 2020
September 5, 2020
Messe Frankfurt India plans to launch Medical
Device Innovation Summit as a large-format Conference and Exhibition in 2021.
At the first digital session of Medical Device
Innovation Summit held recently addressed the need to promote innovation. From
challenges like lack of regulatory systems to its new found potential of
manufacturing indigenous products on a large scale, the summit successfully
addressed discussions on new growth opportunities for the overall development of
the sector.
From conducting 1,000 tests per day to 9 lakh tests
per day to detect COVID-19, India has showcased immense potential to become the
global producer and supplier for quality indigenous medical equipment and
technologies, said the Messe Frankfurt India.
At the webinar speakers included Vijay Kumar, head
of strategic marketing & innovation, Roche Diagnostics India, Neighbouring
Markets, Veena Kohli, CEO, Vanguard Diagnostics & president, Association of
Diagnostics Manufacturers of India (ADMI), Dr Uma Nambiar, executive director,
Gimcare Hospital and Chairperson, Digital Health India Association (DHIA); Vijay
Simha, CEO, Audicor Cardiometrics & Advisory Member-Health Start-up Committee,
FICCI and Dr Jitendar Sharma, managing director & CEO, Andhra Pradesh MedTech
Zone Limited (AMTZ).
Moderating the was webinar was Rajiv Nath, Forum
Coordinator, Association of Indian Medical Device Industry (AIMED) & managing
director, Hindustan Syringes & Medical Device who said, “The current situation
where the Indian medical system is latching on to the digital evolution.
Homecare, tele-care and telemedicines are a few expansions that hospitals will
provide in increasing numbers in the future.
Dr Sharma noted that while India is fairly good t
in the diagnostic segment, on the therapeutic side, robotic surgery, gamma knife
and linear accelerator are some of the new products currently available on a
globally in last five to eight years. This is where Indian entrepreneurship and
science can come into picture.
Indian In-Vitro Diagnostics is expected to record
30% growth in 2020. The IVD industry in 2019 was Rs. 7,500 crore and was slated
to grow at a CAGR of about 15% before the COVID-19. The pandemic related
products have already added Rs. 3,400 crore in the first half and by 2020 end,
this is estimated to be Rs. 7,300 crore. Even if the size of non-COVID routine
diagnostics products plummet to one third its original value, a base value of Rs.
2,500 crore will still remain, taking the industry size to Rs. 9,800 crore, said
Kohli.
Other discussions included future of Indian
healthcare, impact on supply chains, manufacturers and hospitals during the
lockdown, need for a regulatory system for medical equipment industry and
choosing quality over price competency to ensure ethical products and
technologies are the medical field.
http://www.pharmabiz.com/NewsDetails.aspx?aid=130880&sid=2
Best time to invest in pharma,
medical device sector: DV Sadananda Gowda
Oct 01, 2020
The Indian pharma sector, currently valued at USD
40 billion, has the potential to become a global pharmacy hub in the coming
years, the Chemicals and Fertilisers Minister said in a statement.
NEW DELHI: This is the most opportune time to
invest in the Indian pharma and medical device sector as the government is
extending production linked incentives for new manufacturing units in the
upcoming bulk drug and medical devices parks, Union Minister DV Sadananda Gowda
has said.
The Indian pharma sector, currently valued at USD
40 billion, has the potential to become a global pharmacy hub in the coming
years, the Chemicals and Fertilisers Minister said in a statement.
The sector is likely to grow to USD 65 billion by
2024, and to USD 120 billion by 2030, he added.
The medical devices industry in India has the
potential to grow at 28 per cent per annum to reach USD 50 billion by 2025,
Gowda said.
The Indian pharma and medical device sector has
immense potential to contribute towards making India a 5 trillion-dollar economy
in the next 4-5 years, he added.
The government is supporting development of 3 bulk
drug and 4 medical device parks with state-of-art infrastructure and world-class
centres of excellence across the country, Gowda said.
"Government will also provide production linked
incentives to eligible new manufacturing units to ensure a level playing field
to domestic manufacturers," he added.
It is expected that the schemes of the government for development of bulk drug
and medical device parks will attract cumulative investment of Rs 78,000 crore
and can generate about 2.5 lakh employment, he added.
"There is a need for the pharma industry to focus
on R & D activities in order to remain as one of the leading global suppliers of
medicines," Gowda said.
The full potential of growth cannot be tapped
unless the sector comes up with discovery of new drugs or repurposing in India,
he added.
Gowda also expressed hope that the Indian pharma
sector will be among the first ones to develop and supply low cost vaccines for
COVID-19.
https://economictimes.indiatimes.com/industry/healthcare/biotech/
pharmaceuticals/best-time-to-invest-in-pharma-medical-device-sector-dv-sadananda-gowda/articleshow/78434555.cms.
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